Fed Close to Hitting Job & Inflation Targets

The U.S. Federal Reserve is close to hitting its targets for full employment and 2% inflation, vice chairman Stanley Fischer said on Sunday in comments that did not address when the U.S. central bank should next raise interest rates. Fischer gave a generally upbeat assessment of the economy’s current strength, saying the job market was close to full strength and still improving. “We are close to our targets,” Fischer said in remarks for a conference in Aspen, Colorado. He said this year’s pace of job growth, while slower than that seen last year, was “more than enough” for the labor market to continue to improve. “The behavior of employment has been remarkably resilient,” he said, adding that inflation outside of food and energy prices was “within hailing distance” of 2%, the Fed’s target rate.

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